New Year, Fresh Start For Endowment, Pension CIOs; Greylock Hires Star Entrepreneur: December People Moves
In the last month of 2016, a number of chief investment officers took a permanent break from their old jobs to start fresh in 2017.Following the resignation of Dartmouth College’s chief investment officer in November, another notable university endowment lost its chief investment officer in December. A similar scenario played out at a California pension fund.
The usually quiet foundation space saw two high-level changes in December. A regional head of Troy, Michigan-based Kresge Foundation retired, while the Los Angeles-based Broad Foundations promoted a new chief from within.
In Silicon Valley, venture capital firm Greylock Partners hired one of its portfolio companies’ founders as a new partner.
Here are the important institutional investment job changes in December:
Kim Walker, chief investment officer of Washington University of St. Louis’ $7.5-billion endowment, stepped down on December 31, 2016 after ten years in the position. The university said she will be working with the university “in a consulting capacity” while the endowment searches for her replacement. Walker was named on Trusted Insight’s 2016 Top 30 Endowment Chief Investment Officers. Read Trusted Insight’s Q&A with her here.
Girard Miller, chief investment officer of Orange County Employees Retirement System (OCERS), announced his resignation. Miller joined OCERS as chief investment officer in July 2012 after many years working in mutual funds and investment consulting. During his tenure, OCERS’ total assets under management grew from $10 billion to $13 billion. His last day was January 5, 2017. Miller was named on Trusted Insight’s 2015 Top 30 Pension Chief Investment Officers. Read Trusted Insight’s Q&A with him here.
Canada’s $171.4-billion (as of March 2016) Ontario Teachers’ Pension Plan promoted Jo Taylor to the new role of senior managing director, international, effective January 1, 2017. He will oversee the pension fund’s global operations in London and Hong Kong. Taylor joined the pension in 2012 and is currently the regional managing director for Europe, Middle East and Africa.
The Los Angeles-based Broad Foundations promoted Katharine “KC” Krieger to chief investment officer from managing director of investments, effective January 1, 2017. Krieger will oversee the foundation’s $2.5 billion portfolio, which consists of multiple charitable organizations supporting education, science and the arts. Krieger began with Broad Foundations in 2001 as an investment analyst and worked her way up to managing director. She manages foundation assets as well as the Broad family’s personal investments.
Laura Trudeau, head of the Kresge Foundation’s Detroit office, retired in December after 15 years of service at the $3.6-billion (as of December 2015) foundation. Trudeau started at Kresge in 2001 as managing director and stayed in the role for 15 years. She was promoted to senior advisor to president in March 2016. During Trudeau’s tenure, she helped raise funds to support numerous economic projects in Detroit, including the “grand bargain” that Kresge cofunded with other foundations during Detroit's municipal bankruptcy in 2013. Learn more about Trudeau’s career in her exit interview.
GP:Early-stage venture firm Greylock Partners added entrepreneur Josh McFarland as its tenth partner after eight years of wooing. McFarland is a cofounder of an advertising tech company called TellApart, which Greylock invested in and was acquired by Twitter in April 2015. Greylock currently employs a total of 19 people on its investment staff.
Private equity giant Apollo Global Management named Gary W. Parr, a former vice chairman at asset management firm Lazard, as senior managing director and co-chairman of the firm’s management operating committee. Parr has more than over 30 years of experience advising financial institutions. He advised the restructuring of Lehman Brothers and the sale of Bear Stearns to J.P. Morgan during the financial crisis.
Star Mountain Capital, a New York-based middle market private equity firm, hired former J.P. Morgan banker Mark Weisdorf as a strategic investor and senior adviser. Weisdorf was former CEO of J.P. Morgan’s infrastructure investment group. He ran his own firm for two years before joining Star Mountain.
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Click here to see Trusted Insight’s previous people moves recap.